With the Autumn Budget fresh on our minds, it’s clear that the coming months will bring substantial financial shifts for UK businesses.
Some of the announced changes are already in effect, with several more set to roll out over the next few years. Now is the ideal time to review your tax strategy and stay ahead of these new fiscal policies.
Here are some effective ways to help you prepare your business for the road ahead:
Prepare for higher NICs
From April 2025, National Insurance Contributions for employers will rise to 15 per cent, with a lowered secondary threshold of £5,000 for contributions.
Strategic adjustments to your budget now could help offset these increased employer costs and ensure continued stability for your team.
Align your wage structure
With the National Living Wage (NLW) rising to £12.21 in April and a new single adult rate being introduced, it’s essential to plan for these changes in a way that supports your workforce while maintaining a healthy bottom line.
Consider reviewing your staffing structure or reallocating resources to manage these increased costs effectively and avoid disruptions to your team.
Review Capital Gains Tax (CGT) strategy
The main rates of CGT have increased to 18 per cent and 24 per cent, effective immediately, so if you’re planning to sell a business, acting sooner rather than later may be beneficial.
Careful planning with your accountant’s guidance can help you take advantage of available reliefs, maximise asset value, and minimise liabilities.
Estate planning
Unspent pensions will soon be brought into the scope of Inheritance Tax as of April 2027.
A forward-looking estate plan, including the use of trusts, can help protect family wealth and minimise tax exposure.
Business structuring
Adjust your business structure to optimise for tax efficiency and stability. The right strategy could provide a buffer against rising costs, helping your business succeed through changing economic conditions.
We understand that every business is unique, and your strategy for adapting to these changes should align with your specific goals and circumstances.
Ask the experts for advice
At Lamont Pridmore, we offer tailored tax planning and business advisory services designed to help you understand and adapt to these changes with clarity and confidence.
Whether you’re struggling to manage the rising employer costs or you’re preparing for long-term succession, our team is here to support you with expert insights and guidance.
As we approach the end of the year, let us help you ring in a new chapter of resilience and growth.
Contact us today at 0800 234 6978 or email [email protected] to schedule your tax planning meeting.
